Cisco Systems, Inc. (NASDAQ:CSCO) is Capital Investment Counsel Inc's 10th Largest Position

Capital Investment Counsel Inc trimmed its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 14.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 175,523 shares of the network equipment provider's stock after selling 30,568 shares during the period. Cisco Systems comprises 1.6% of Capital Investment Counsel Inc's portfolio, making the stock its 10th biggest holding. Capital Investment Counsel Inc's holdings in Cisco Systems were worth $10,832,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in CSCO. Norges Bank bought a new position in shares of Cisco Systems in the fourth quarter worth about $3,297,905,000. FMR LLC raised its stake in shares of Cisco Systems by 20.8% in the fourth quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider's stock worth $4,571,218,000 after buying an additional 13,285,052 shares during the period. Raymond James Financial Inc. bought a new position in shares of Cisco Systems in the fourth quarter worth about $560,722,000. Alyeska Investment Group L.P. bought a new position in shares of Cisco Systems in the fourth quarter worth about $413,491,000. Finally, GAMMA Investing LLC raised its stake in shares of Cisco Systems by 7,096.5% in the first quarter. GAMMA Investing LLC now owns 6,718,402 shares of the network equipment provider's stock worth $414,593,000 after buying an additional 6,625,045 shares during the period. Institutional investors own 73.33% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Wall Street Zen raised Cisco Systems from a "buy" rating to a "strong-buy" rating in a research note on Friday, May 16th. Piper Sandler raised their price objective on Cisco Systems from $60.00 to $64.00 and gave the stock a "neutral" rating in a research note on Thursday, May 15th. Deutsche Bank Aktiengesellschaft raised Cisco Systems from a "hold" rating to a "buy" rating and raised their price objective for the stock from $65.00 to $73.00 in a research note on Monday, June 16th. Citigroup lifted their target price on Cisco Systems from $68.00 to $71.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Finally, Rosenblatt Securities lifted their target price on Cisco Systems from $63.00 to $74.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Seven investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Cisco Systems has a consensus rating of "Moderate Buy" and an average target price of $69.53.

Cisco Systems Price Performance

NASDAQ:CSCO traded up $1.05 during trading hours on Friday, reaching $69.64. The stock had a trading volume of 17,973,495 shares, compared to its average volume of 20,350,689. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.87 and a current ratio of 0.95. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $69.78. The company has a 50 day moving average price of $63.93 and a two-hundred day moving average price of $61.45. The stock has a market capitalization of $275.77 billion, a PE ratio of 28.42, a PEG ratio of 4.15 and a beta of 0.90.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last released its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.92 by $0.04. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. The business had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.05 billion. During the same quarter in the previous year, the company posted $0.88 EPS. The company's revenue was up 11.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date is Thursday, July 3rd. Cisco Systems's payout ratio is 66.94%.

Insiders Place Their Bets

In other news, CFO Richard Scott Herren sold 15,678 shares of Cisco Systems stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $65.52, for a total value of $1,027,222.56. Following the completion of the transaction, the chief financial officer owned 309,543 shares in the company, valued at approximately $20,281,257.36. The trade was a 4.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thimaya K. Subaiya sold 8,726 shares of Cisco Systems stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $65.54, for a total value of $571,902.04. Following the completion of the transaction, the executive vice president owned 174,669 shares of the company's stock, valued at approximately $11,447,806.26. This trade represents a 4.76% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 97,335 shares of company stock worth $6,271,054. Insiders own 0.01% of the company's stock.

About Cisco Systems

Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. The company also offers switching portfolio encompasses campus switching as well as data center switching; enterprise routing portfolio interconnects public and private wireline and mobile networks, delivering highly secure, and reliable connectivity to campus, data center and branch networks; wireless products include wireless access points and controllers; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.